While many investors have fled the NFT market, billionaire businessman Adam Weitsman is bucking the trend with a major Meebits acquisition. The collector reveals he's never sold a single NFT from his portfolio and has no intention of starting—a contrarian stance that raises questions about the future of digital collectibles.
In an era when NFT skepticism has reached fever pitch and trading volumes have plummeted from their 2021-2022 highs, billionaire entrepreneur Adam Weitsman is making headlines for doing the unthinkable: buying more.
Weitsman, a prominent businessman known for his scrap metal empire and high-profile investments, recently made waves with a record-breaking purchase from the Meebits collection—one of the prominent NFT projects created by Larva Labs, the team behind CryptoPunks. What makes this acquisition particularly noteworthy isn't just the price tag, but Weitsman's unwavering conviction in the space.
According to recent reports, Weitsman has adopted a buy-and-hold strategy that would make even the most diamond-handed crypto enthusiasts envious. He claims to have never sold a single NFT from his collection and has no plans to liquidate any time soon. This approach stands in stark contrast to the broader market sentiment, where many early NFT adopters have either exited positions or dramatically reduced their exposure.
Weitsman's confidence appears rooted in a long-term vision for digital ownership and cultural artifacts. While critics point to collapsed floor prices and diminished hype as evidence of a failed experiment, believers like Weitsman see current conditions as an opportunity to acquire premium pieces at discounted valuations.
The billionaire's strategy raises important questions about NFT investing. Is he catching falling knives, or positioning himself ahead of a future renaissance in digital collectibles? His approach suggests he views NFTs not as speculative trading vehicles but as legitimate collectibles worthy of permanent portfolio allocation—similar to how traditional art collectors approach physical works.
The Meebits purchase is particularly significant given the collection's pedigree. As a Larva Labs creation, Meebits carry institutional credibility within the NFT ecosystem, having launched during the peak of the 2021 boom when blue-chip digital assets commanded extraordinary premiums.
Whether Weitsman's conviction proves prescient or premature remains to be seen, but his continued accumulation during challenging market conditions demonstrates that serious money still sees value in digital ownership—even when mainstream attention has largely moved elsewhere.